For this year’s Melbourne Cup, consider a charity rather than taking on Tom Waterhouse

Newcastle Business School academics crunch the numbers on the Melbourne
Cup

In the lead-up to next week's Melbourne Cup, bookmaker Tom
Waterhouse is heavily marketing a "$25 million bet that stops a nation". All
you have to do is give him A$10 and if you place the first 10 horses in correct
finishing order in the Cup you have a chance, stress "have a chance", to win
A$25 million. If other punters happen to place the same bet, then you'll have
to share the $25 million with them.